My GND long idea is higher by 52% over the 11 months. It looks like the upward momentum is in place, however traders who have been in from the 470c level could use the higher levels to partially reduce. NOT saying it can't go higher! I just like when my clients to bank profits:)
Original idea attached.
The stock broke the weekly downtrend line, signaling a possible change in direction, spent a year ranging, and it has finally taken off. All its accounting and the current economic fundamentals pin it to the upside.
The stock broke the weekly downtrend line, signaling a possible change in direction, spent a year ranging, and it has finally taken off. All its accounting and the current economic fundamentals pin it to the upside.
A bearish trend is applicable below 590. Breaking above this level will negate the bearish bias.
Downside price momentum supports the bearish trend.
RSI leaves enough room for further downside price potential.
MACD crossover confirmed a change in trend direction to bearish.
Trend strength indicates a strong trend gaining momentum.
I am looking at taking buy opportunities after price drops to my anticipated levels. This is a stock i am very much interested in but want to see a bit of retracement before entering my longs.
GND forming a possible Inverted Head and shoulders formation , and a possible Ascending Triangle too .
Last Friday it posted a bullish hammer and a possible tweezer Bottom.
- Grindrod has recovered off its lows and displaying bullish signs of reversal on the weekly.
- A push through R5.00 should get the momentum going to target the swing high of R5.70
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
On this Friday afternoon, GND has caught my attention as it attempts to break to the upside of a tight range, with above average volume. At current levels, it looks like the early stages of a short term directional shift. I have no position, but if you're looking at a SMALL speculative trade, these are the levels:
Current: 470c
Stop: 445c
Target Range: 515c-525c
A break above the current R5.30 - R5.45 overhead resistance would trigger an entry for the cup and handle trade.
The full price target is approx R7.66 with a stop loss below R4.70 making for a good risk vs reward trade.
Next set of results for the year ended 31 December 2020 are due to be released on the 4th of March 2021.
- Price is back to an area of value
- Looking for a swing trade here back to the top of the channel around R4.40
- Below R3.00 will be bearish
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Do not usually prefer shares less than R10 in value, but setup looks interesting.
Oversold.
Some early signs of an inflow of money into the share.
Potential change in trend direction to bullish.
We are in the markdown phase after redistribution as evaluated previously (see link below). Looking on the daily TF we now see that price has reached the overbought line and volume indicates a rejection of the trendline. Negative divergence on the volume RSI confirms the continuation of the downtrend.
